Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 418 - Exploration for minerals  

Subdivision 418-F - Excess exploration credits  

SECTION 418-170  

418-170   General interest charge  

If:

(a) *excess exploration credit tax or *shortfall interest charge payable by an entity remains unpaid after the time by which it is due and payable; and

(b) the Commissioner has not allocated the unpaid amount to an *RBA;

the entity is liable to pay the *general interest charge on the unpaid amount for each day in the period that:

(c) starts at the beginning of the day on which the excess exploration credit tax or shortfall interest charge was due to be paid; and

(d) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the excess exploration credit tax or shortfall interest charge;

(ii) general interest charge on any of the excess exploration credit tax or shortfall interest charge.

Note:

The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .